Lighten Up Your Golden Plans With These Steps
After retirement, one does not have regular flow of income, but expenses do remain. To sustain those expenses effective planning is essential. Inflation can be the biggest dent on an investorâ€™s savings. To counter that one has to actively use techniques and tips to lighten up the golden years!
What is the need of retirement planning?
If a proper planning is done for retirement, then an investor can tackle most of the financial problems which might occur post-retirement. Investor must figure out the goals and what path must be taken to fulfill those goals.
When a regular flow of income is there, expenditures can be met easily. But, post-retirement the scenario changes. Flow of income breaks, and one needs to figure out what is to be saved to live a good life after retirement.
Below list covers some fronts for which money is needed after retirement:
Meet day to day expenses
Pay medical bills
Preparing for uncertainties
Achieve retirement goals
It becomes imperative to make a concrete retirement plan in order to know the current position and what needs to be done to achieve the retirement targets.
A Smart approach is needed!
Just like in a race, the start is important, same applies to retirement planning. The earlier an investor begins the planning, the better it is!
Sometimes, people are not able to contribute the monthly amount needed for retirement. As a result, retirement planning gets delayed. In such a scenario it is the approach taken which is wrong. The right approach is to contribute the maximum possible at present and make up for the deficit in the future. In retirement planning, the later an investor begins, the more damage it might have on the future capital.
Another possible reason for a late planning is that an investor uses a significant amount of income to maintain the present lifestyle. As a result, at the end there is little or no money left for future investment. There is no denial that one has to satisfy the needs of present time, but planning for the future is equally essential. So, a mid-way is needed to sustain the present and to build the future.
Effective steps for retirement planning
On a concluding note below steps can help in a better retirement planning:
Think of a retirement age
Begin investing early
Calculate an estimated amount of corpus
Calculation of the future of the present savings
Bring down current expenditure
Regularly monitor the retirement plan
Enough delay has been done to plan for your retirement, donâ€™t delay any further.
Income Tax Slab 2021-22
February 17, 2020
Income Tax Return Guide - Details You Should Know
November 07, 2016
Best Tax Saving Investment Options in 2022 (FY 2022-2023)
November 08, 2016
Subscribe to get the latest articles directly in your inbox
14 Best Investment Options In India
October 30, 2018
Short Term Investments: Top 11 Short Term Investment Options For 2022
November 08, 2016
Insurance vs Investment - Did You Get the Right Financial Plan?
November 05, 2018
Popular & Recent Articles
How to Plan for Retirement as Per your Age
"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
|BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration